Customers not telling banks about their aggravated situation

The latest study has revealed that customers are not informing lending institutions about changes in their current financial circumstances. This news is far from being encouraging as such a tendency is likely to translate into more debt worries.

The study by Callcredit has shown that almost 69% of the respondents who cannot cope with economic pressures over period of the last two years did not let it be known to their loan providers. 38% of the respondents said they made strenuous efforts to adjust to the restrictions imposed on them by the change in their circumstances. Respondents who do challenge their financial situation need on average about two months to achieve some positive results.

Graham Lund, of Callcredit, said that such figures are distressing. With so many British citizens going through some type of change to their financial circumstances, many of them might be in need of debt consolidation plans.

Graham Lund added that the most worrying thing was the increasing number of consumers who don’t bother informing their bank about unexpected changes in their monetary situation. What is also depressing is that those people who do make their lending institutions aware of the changes are telling only a part of the truth.

Mr. Lund said lenders should do their best to help borrowers realize that it’s not in their interests to delay seeking financial assistance. He added that this is of particular importantance to those who are coming very close to the boundaries of their affordability to pay off their debt.
 


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